The firm closed on $10 million of the total last year, according to a Dec. 20 filing with the Securities and Exchange Commission. It is actively seeking the remainder, says one source with knowledge of the plans.
The focus of the fund wasn’t immediately clear. The CommonAngels Web site points out that the firm invests in early stage information technology companies both as angels and through its microcap venture fund. The microcap fund makes seed stage investments and adds to the angel money going into early stage deals.
The Lexington firm has invested in over 40 companies in New England, New York City and eastern Canada. Software, Internet, digital media and mobile deals are typically the focus.
The firm said in its December filing that it expects to raise more than the $10 million it has so far attracted. One source said it is reaching out to new investors. CommonAngels Managing Director Chris Sheehan withheld comment during an interview Thursday. He did not reply to a follow up e-mail.
The firm first made its fundraising intentions known in a July filing.